Wal-Mart de Mexico cut to Underweight at Morgan Stanley

Morgan Stanley downgraded Wal-Mart de Mexico (WMMVY) to Underweight from Equal Weight. The firm sees limited upside convexity given Walmex’s already-leading physical retail scale and a muted recent track record of eCommerce share gains, the analyst tells investors in a research note. On comps, Walmex has continued to deliver outperformance versus the ANTAD industry, but industry headwinds have outweighed in recent years, the firm added.